Macy's, Inc. Announces Executive Management Changes

Macy's, Inc. announced a series of changes to its senior executive leadership team, effective immediately.

"These adjustments to our senior leadership team provide continuity and strengthen our ability to innovate as we work to maximize results in the years ahead from our core business strategies, including My Macy's localization, omnichannel alignment, and customer engagement."

Thomas L. Cole is retiring as Macy's, Inc.'s chief administrative officer after an exceptional 41-year career with Macy's, Inc. and its predecessor companies. He will remain with the company through May 2013 to affect a smooth transition to several other executives. His responsibilities have been re-assigned as follows:

William S. Allen has joined Macy's, effective today, as chief human resources officer. Allen, a seasoned corporate human resources executive who previously served as senior vice president of AP Moller-Maersk A/S, joins the Macy's executive committee and reports to Terry J. Lundgren, chairman, president and chief executive officer. Allen will oversee Macy's, Inc.'s human resources, diversity strategies, and corporate communications and external affairs functions. In addition, Allen will have administrative responsibility for the law function that reports directly to Lundgren.

Robert B. Harrison, previously Macy's executive vice president for omnichannel strategy, is assuming the newly-created role of chief omnichannel officer, reporting to Lundgren. He also will join the company's executive committee. In addition to his existing role managing the development of strategies to closely integrate the company's stores, online and mobile activities, Harrison will assume responsibility for systems and technology, logistics and related operating functions.

Karen M. Hoguet, Macy's, Inc. chief financial officer, will assume additional responsibility for credit and customer services, real estate, non-merchandise purchasing and sustainability. All of the company's finance and accounting functions report to Hoguet. In addition, she will have administrative responsibility for the internal audit function that reports directly to Lundgren. Hoguet is a member of the Macy's executive committee and reports to Lundgren.

Peter Sachse, Macy's chief stores officer, will assume additional responsibility for store planning, design and construction. The company's nationwide portfolio of Macy's stores, as well as the region, district and central stores organization and visual merchandising, continue to report to Sachse. He is a member of the Macy's executive committee and reports to Lundgren.

"Our company remains on a path of continuous improvement and growth, and the foundation of our success is the strength of talent at every level of our organization," Lundgren said. "These adjustments to our senior leadership team provide continuity and strengthen our ability to innovate as we work to maximize results in the years ahead from our core business strategies, including My Macy's localization, omnichannel alignment, and customer engagement.

"Our company and I owe a great debt of gratitude for the skill and leadership of Tom Cole in guiding the company's operations and key corporate functions through periods of unprecedented change. Tom's influence has been particularly profound over the past seven years as we integrated the acquisition of The May Department Stores Company, migrated to the nationwide Macy's brand, developed new business and organization structures, aggressively pursued our omnichannel vision and improved our customer shopping experience. Tom played a key role in these subjects and many, many more. While we wish Tom continued health and happiness in the next chapter of his life, I am confident in knowing that ours is a better and stronger company today because of his exceptional work over the past four decades," Lundgren said.

Executive Bios

Tom Cole, 64, began his career in 1972 at Allied Stores Corporation (later combined with Federated Department Stores, Inc., the corporate predecessor of Macy's, Inc.). He joined Federated in 1980 as vice president/controller of the company's then -I. Magnin division in California. From 1983-87, Cole was senior vice president/finance and administration at Federated Merchandising Group (FMG). He moved to the Lazarus department store division as senior vice president/financial services in 1987 and from 1988-95 served as president of FMG. He was named chairman of Federated Logistics & Operations in 1995 and assumed additional responsibilities for the Federated Systems Group (FSG) in 2001 and Federated's Financial, Administrative and Credit Services (FACS) division in 2002. Cole was elected a vice chair of Macy's, Inc. in 2003 and served in this role until 2009 when he was appointed chief administrative officer. A native of St. Louis, MO, Cole is a graduate of Kent State University.